B Capital, an investment firm by Facebook Co-Founder has announced the close of its second fund at $810 million. The close of second fund dictates that the company will now manage the assets of about $1.4 billion across its two investment vehicles.

Founded in 2014 by Eduardo Saverin, Co-Founder of Facebook and former Bain Capital senior executive Raj Ganguly, B Capital has raised $360 million for its debut fund. The firm typically participates at Series B and upwards funding rounds, investing between $10 million and $60 million in B2B and B2B2C companies across sectors, including ones operating in enterprise technology, fintech, healthcare tech, consumer enablement technology, and transportation and logistics sectors.

Ganguly stated, “Although technology is already embedded in nearly every sector and aspect of daily life, the last three months show us there is still extensive unmet need when it comes to digitization. We believe the next ten years will see a major shift in innovation as entrepreneurs examine industries and practices from new angles and find ways to accelerate connectivity between systems, companies and people.”

Mobility startup Bounce, digital credit ledger startup Khatabook, transportation firm Blackbuck, SaaS focused Icertis and Bizongo are a few high-profile startups backed by B Capital in the country. “Asia is leading the world in digital innovation and is a mobile-first economy. As a global tech investor, we have the benefit of evaluating patterns and business models across the world. Our portfolio companies will form the backbone of the digital economy of India and SE Asia,” Kabir Narang, general partner and co-head of Asia at B Capital Group said in a statement.

Commenting upon their venture, Saverin said.  “When we founded B Capital Group, Raj and I were committed to building a firm that looks for innovation off the beaten path and technology that has applications beyond just one region. We wanted to set a new standard for growth-stage investing. This fund validates our unique model and the differentiated value we bring to our portfolio.”

B Capital has about 30 companies in its portfolio, spread across Asia, Europe and the United States, and has offices across San Francisco, Los Angeles, New York and Singapore.

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